Published: Mon, June 11, 2018
Finance | By Claude Patterson

Petrol, diesel prices cut for 11th consecutive day

Petrol, diesel prices cut for 11th consecutive day

The previous PML-N government on the final day of its tenure approved a rise in margins on petrol as well as diesel, which would compel oil consumers to pay additional billions of rupees.

Over the 16-day period, petrol prices rose by nearly Rs 4 across the country while diesel rates went up by around Rs 3.3. Besides Delhi, the revised petrol prices in other metro cities are - ₹ 80.07 in Kolkata, ₹ 85.24 in Mumbai and ₹ 80.37 in Chennai.

The 12 days of continuous dip in fuel prices comes as a minor relief since rates were hiked constantly for a period of 16 days.

In a sharp contrast, the PML-N government, on the one hand, left the decision on upward revision in petroleum product prices for the caretaker government, but, on the other hand, it quietly increased the margins on diesel and petrol effective July 2018. The reductions come on the back of softening of worldwide oil rates and the rupee gaining against the United States dollar. Petrol is subject to an excise duty of Rs 19.48 per litre while diesel Rs 15.33 a litre. These reductions followed rates touching an all-time high of Rs 78.43 per litre for petrol and Rs 69.31 for diesel in Delhi on May 29. In last 10 days including today, petrol has become cheaper by Rs 1.03 paise per litre in Delhi.

In the fortnight before May 30, fuel prices had seen a sharp upward rally, reaching unprecedentedly high levels on account of rising global crude oil prices.

Meanwhile, industry body Assocham on Friday said that reducing taxes is the best solution to check the spurt in fuel prices which would also tremendously help India on the exports front.

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